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OPEC revised its outlook for non-OPEC crude and liquids supply, now expecting 4 million bpd more growth than in last year's report, with non-OPEC output reaching 66.1 million bpd by 2023. Demand for OPEC crude is projected to fall to 31.6 million bpd in 2023 from 32.6 million in 2017.
A larger non-OPEC supply outlook and falling demand for OPEC crude point to a more bearish crude price path over the long term, which would ease energy costs for feed producers.
reuters.comDmitry ZhdannikovSep 23, 2018After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
